# UPAL (ProShares Ultra Palladium K-1 Free ETF)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: UPAL returned −6.8% where its own daily promise gave −1.5%, 5.3 points short.

## Key facts

- UPAL, what PALL did: +1.7%, as of Sep 11, 2026.
- UPAL, what +2 times a day gives: −1.5%, as of Sep 11, 2026.
- UPAL, what the fund returned: −6.8%, as of Sep 11, 2026.
- UPAL, the fund itself cost: −5.3 pts, as of Sep 11, 2026.
- UPAL, net assets: $3m (issuer page, as of Sep 11, 2026).
- UPAL, expense ratio: 0.95% (485BPOS XBRL, Apr 17, 2026).

## UPAL over each window to Sep 11, 2026

| Window | Fund | PALL | +2x the move | Difference | PALL moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −12.8% | −5.0% | −9.9% | −2.9 pts | 49% |
| 3 months | −6.8% | +1.7% | +3.4% | −10.2 pts | 45% |
| Since launch | −41.0% | −14.5% | −29.0% | −12.0 pts | 44% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of PALL, reset daily | ETFIQ |
| Multiple a holder actually got over the window | PALL moved +1.7% over this window, too little to read a multiple from | ETFIQ |
| Underlying | PALL | ETFIQ |
| Segment | asset class, metal | ETFIQ |
| Net assets | $3m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Apr 17, 2026 |
| Launched | Apr 21, 2026 | ETFIQ |
| Underlying volatility over the window | 45% annualized | ETFIQ |

## Questions

### Did UPAL return +2 times PALL?

Over the window to Sep 11, 2026, PALL moved +1.7% and UPAL returned −6.8%. 2 times that move is +3.4%, so the fund came out 10.2 points short of it.

### Why does UPAL not return +2 times over a year?

Because it resets daily. UPAL aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, UPAL, data as of Sep 11, 2026. https://etfiq.com/funds/UPAL
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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